Regency Centers acquires shopping center project in the Silicon Valley

Regency Centers Corp. has acquired 258,000 square feet of prime Silicon Valley retail located in the iconic mixed-use project known as The Pruneyard.

The sellers are Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group.

“The Pruneyard is an iconic destination, and an opportunity to be a part of something like this doesn’t come along very often,” said Craig Ramey, Regency Centers’ managing director of the Pacific Northwest, Colorado, and Northern California. “We’re aware of the rich history of this center. This, coupled with a strong merchandising mix and terrific amenities, aligns very closely with the types of properties already in our portfolio. We want to ensure that The Pruneyard continues to build on its recognized position as a premier retail destination in Silicon Valley.”

Originally built in the 1960s, The Pruneyard quickly became a Silicon Valley landmark, evolving over the years and recently undergoing